Terms Used In South Carolina Code > Title 33 > Chapter 8 > Article 4 - Officers

• Admitted assets: means assets of an insurer considered admitted on the most recent statutory financial statement of the insurer filed with the department pursuant to § 38-13-80. See South Carolina Code 38-1-20
• Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
• Contract: A legal written agreement that becomes binding when signed.
• Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
• Department: means the Department of Insurance of South Carolina. See South Carolina Code 38-1-20
• director: means the Director of the South Carolina Department of Insurance or his designee. See South Carolina Code 38-21-10
• Domestic insurer: means an insurer incorporated or organized under the laws of this State. See South Carolina Code 38-1-20
• Enterprise risk: means an activity, circumstance, event, or series of events involving one or more affiliates of an insurer that, if not remedied promptly, likely is to have a material adverse effect upon the financial condition or liquidity of the insurer or its insurance holding company system as a whole, including, but not limited to, anything that would cause the insurer's risk-based capital to fall into company action level as provided in § 38-9-330 or would cause the insurer to be in hazardous financial condition as provided in § 38-5-120. See South Carolina Code 38-21-10
• Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
• insurance: includes annuities. See South Carolina Code 38-1-20
• insurance holding company system: consists of two or more affiliated persons, one or more of which is an insurer. See South Carolina Code 38-21-10
• Insurer: includes a corporation, fraternal organization, burial association, other association, partnership, society, order, individual, or aggregation of individuals engaging or proposing or attempting to engage as principals in any kind of insurance or surety business, including the exchanging of reciprocal or interinsurance contracts between individuals, partnerships, and corporations. See South Carolina Code 38-1-20
• Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
• person: means an individual, a corporation, a partnership, an association, a joint stock company, a trust, an unincorporated organization, any similar entity, or any combination of the foregoing acting in concert. See South Carolina Code 38-21-10
• Premium: means payment given in consideration of a contract of insurance. See South Carolina Code 38-1-20